Community-oriented companies often enjoy a leg up on their competition, as well, thanks to superior brand imaging. For example, Tesla Inc. TSLA CEO Elon Musk has successfully attracted environmentally-minded consumers, with his line of cutting edge electric-powered cars and green automotive products. In , Coca-Cola started the 5by20 initiative to empower women across the globe.
The company stated:. Through its Financial Inclusion program, Visa has developed innovative ways of bringing digital cash to places in the world where the financial infrastructure doesn't exist or for people who don't have access to the financial system, like residents of many developing countries.
Socially responsible companies cultivate positive brand recognition, increase customer loyalty, and attract top-tier employees. These elements among the keys to achieving increased profitability and long-term financial success. The Coca-Cola Company. Business Essentials. Small Business. Practice Management. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.
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Skip to main content. The Importance of CSR for Millennials As the millennial consumer population grows, it is critical that companies consider their corporate social responsibility status.
Conclusion Corporate social responsibility is more than just a business trend or fad. In one instance of cross-theater coordination, logistics managers identified the trucking fleet as an operational risk and asked for a driving safety program, which was later extended to health education.
The latter approach first:. In Ambuja established sustainability committees, which have oversight of all social and environmental activities, at both the plant and the corporate levels. The plant-level committee meets every month and funnels issues of companywide importance, such as driver safety training and alternative fuels, up to the corporate-level committee.
Both groups include representatives from the Ambuja Foundation. At each corporate-level meeting, members discuss issues flagged by the plant-level committee along with concerns of their own. The aspirational CSR goals of the company are to give back more than it takes from the community and to clean more than it pollutes in its manufacturing operations—a vision made possible only by this active input from across Ambuja and the effective coordination across the three theaters.
IKEA has developed its blueprints in a top-down manner. When the company hired Steve Howard as its CSO, in , it appointed him to its seven-person executive management group. Its work has facilitated the simultaneous pursuit of aggressive growth and bold sustainability plans we mentioned earlier, along with a social welfare initiative known as the IKEA Way—an array of programs related to preventing child labor and maintaining other labor standards throughout the supply chain.
The sustainability agenda thus crafted at the top is being executed throughout the company. For example, although a manufacturing company may have rich opportunities to reduce its environmental impact, a financial services company may be hard-pressed to do so—but it may be vastly more successful in the social sphere, with significant initiatives supporting financial inclusion and literacy. Best-practices companies operate coordinated and interdependent programs across the CSR portfolio.
Some of their initiatives indeed create shared value; some, though intended to do so, create more value for society than for the firm; and some are intended to create value primarily for society. These companies, of course, stand in stark contrast to those that are focused solely on creating value for their shareholders. You have 1 free article s left this month. You are reading your last free article for this month.
Subscribe for unlimited access. Create an account to read 2 more. Corporate social responsibility. Helen Friel sculpture ; Toby Summerskill photograph. Four steps can help them do so: Pruning and aligning programs within theaters. Developing metrics to gauge performance.
Just as the goals of programs vary from theater to theater, so do the definitions of success. Coordinating programs across theaters. Developing an interdisciplinary CSR strategy. The Solution Firms must develop coherent CSR strategies, with activities typically divided among three theaters of practice. Read more on Corporate social responsibility or related topic Strategy execution. Lisa Chase is a research associate at Harvard Business School and a freelance consultant. Companies can demonstrate CSR in lots of different ways, including donations, employee volunteering, implementing environmentally safe processes, and more.
These efforts, whether large or small, say a lot about your organization. Companies that consistently demonstrate their commitment to CSR initiatives are recognizing their ability to help their community and acting on that knowledge.
And the public is taking notice. What does that mean for you? It means that corporate social responsibility is as good for your community as it is for your own brand. The way a company treats its community says a lot about how a company treats its employees.
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